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Facebook’s New Cryptocurrency Gets Big Backers

wsj.com

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Re: Facebook’s New Cryptocurrency Gets Big Backers

#91

Post by ForHackernews »

camjohnson26 wrote: post #14

If Facebook can pull this off they will have brought about the first universal internet currency, which would be a stunning achievement and could revolutionalize the web as we know it. Failed projects give us some idea of what their challenges will be. Cryptocurrencies right now have a trade off between scalability and decentralization. Bitcoin is theoretically decentralized even though the reality is more complex. B…

> Facebook’s currency will probably use this method...the holders of the currency vote for what happens on the network

What are you basing this assumption on?

From everything Facebook has ever done to date, I expect Zuckcoin will use the method of "what FB says goes, and if you don't like it, you can pound sand."

Re: Facebook’s New Cryptocurrency Gets Big Backers

#92

Post by SmellyGeekBoy »

asaph wrote: post #66
SomeOldThrow wrote: post #60

Earlier quoted context omitted.

You're forgetting how much credit card transaction suck. As I see it this is the main problem facebook could solve through sheer volume of use: microtransactions. Granted this is about the worst way this future could come about....

If Libra is a threat to credit cards, then why are Visa and MasterCard investing at least $10M each in it?

Same reason Shell, BP and Exxon invest millions every year in renewable energy?

Re: Facebook’s New Cryptocurrency Gets Big Backers

#93

Post by askmike »

icebraining wrote: post #86
polotics wrote: post #75

Earlier quoted context omitted.

You wrote: "Blockchain technology is a centralized datastore". care to explain?

I think they're talking about the blockchain working by a single global (hence, "central") consensus. It seems Holo avoids that somehow.

That's not what anyone in the space calls centralized. It's actually called "decentralized" by everyone because the way this consensus is kept and changed happens decentralized (to some degree).

Right now it seems: If you don't have central consensus you can't have digital currency. Since everybody needs to be on the same line regards to who owns what. This is different from cash in the current world. Where nobody needs to agree to how much I have because I can physically store it and it's impossible to copy my dollars.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#94

Post by ForHackernews »

SomeOldThrow wrote: post #59

Can't read the article. What is it backed by? Where's this information coming from? I can't find any press release or sources that aren't publishers themselves—this smells like insubstantial technology and bought hype (not that it won't work...).

I assume it's backed by faith in Mr. Zuckerberg's sterling reputation as a steward of the public trust.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#95

Post by [deleted] »

RexetBlell wrote: post #25
root_axis wrote: post #23

Earlier quoted context omitted.

It's as good as any ICO; exercising control isn't good for businesses, but Buterin has shown he can make it happen if the stakes are big enough, just like Zuck will also be able to do.

The fact that Ethereum Classic exists proves that Buterin has no control.

[deleted]

Re: Facebook’s New Cryptocurrency Gets Big Backers

#96

Post by jeffwass »

snitko wrote: post #35
xwdv wrote: post #33

IMO this is it, the last best chance for a cryptocurrency to take off and actually be used as a currency and not a speculative vehicle. If Libra fails, even with all of Facebook’s resources at its disposal, then there is unlikely to be any viable cryptocurrency for at least another generation. Disclaimer: I hold a lot of stock in FB and no positions in other crypto.

Speculative vehicle? We're paying devs salaries in Bitcoin, what are you talking about?

I’m curious. Is their salary paid as X BTC per month, regardless of the movement of BTC? Or are they paid the BTC equivalent of Y USD (or similar currency) per month?

Re: Facebook’s New Cryptocurrency Gets Big Backers

#98

Post by cyberpunk »

LeoPanthera wrote: post #82
camjohnson26 wrote: post #14

If Facebook can pull this off they will have brought about the first universal internet currency, which would be a stunning achievement and could revolutionalize the web as we know it. Failed projects give us some idea of what their challenges will be. Cryptocurrencies right now have a trade off between scalability and decentralization. Bitcoin is theoretically decentralized even though the reality is more complex. B…

There's a strong argument to be made that "the first universal internet currency" is the US dollar.

What does that argument sound like? I'm 32 and have never spent any US currency on the internet...
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